December 2024 Property transactions in Charlottesville: UVA Foundation buys another bank property on Ivy Road

Each month, I write up this a summary of property transactions in Charlottesville because I want to understand what’s happening and I figure other people might like to know as well. Thanks to paid subscribers, I’ve been able to put together a routine that includes this research. This is a rare post that goes out to paying subscribers first. Then it will be posted to Information Charlottesville along with the other 47 installments.

I’m more than a bit behind on this as it’s been quite busy. Today I decided to finish up this post rather than do a regular newsletter. There’s a lot for me to catch up on, but I didn’t want this to get too far behind. I’m a lot busier now than I was in March 2020!

For December 2024, I am able to introduce how sales prices are above the 2025 assessments compared to previous years. As reported in late January, values are up 7.74 percent for 2025.

I go back to 2020 as a baseline because I’ve been doing this work since that year and this time around I’m going to list the difference between the 2020 assessment and the one for this year.

I’m also making an attempt to post the difference in tax payments for that property from 2020 to 2025. These are all mostly in the second half of the summary, but most increases have been fairly steep.

As always, I don’t intend to draw trends or make any claims. This is an outcome of my basic research. Please point out any errors and please ask any questions.

And if you are not a paid subscriber but have come to appreciate the work, today’s a good day to do so. If you are not comfortable paying through Substack, there are other methods. Drop me a line!

December 2, 2024

• A three bedroom townhouse built in 2008 on Bing Lane in the Cherry Hill complex sold for $473,000. That’s 6.17 percent above the 2025 assessment of $445,500 and 16.56 percent above the 2024 assessment of $405,800. The assessed value of the house has increased $122,700 since 2020. (Residential-C, 0.0480 acres)
• A four bedroom house in the 400 block of 9th Street NW in the Fifeville neighborhood sold well below assessment at $325,000. The seller was Mallard Marsh Properties LLC. That company bought the property in March 2023 for $747,862. The 2025 assessment is $501,300 making this transaction 35.17 percent below the taxable value. One question for the assessor is whether this would be considered a valid sale. The assessed value of the house has increased by $184,400 since 2020. (Residential Neighborhood A, 0.145 acres)
• A three bedroom house built in 1962 on Stonehenge Avenue in the Belmont neighborhood sold for $460,000. That’s 1.77 percent above the 2025 assessment of $452,000 and 39.61 percent above the 2024 assessment of $329,500. The assessed value of the property has increased by $211,300 since 2020. (Residential-A, 0.181 acres)
• A company called Core’s Core LLC of Charlottesville purchased 416 Park Street for $1.125 million. That’s 4.9 percent above the 2025 assessment of $1,072,500 and 24.39 percent above the 2020 assessment of $904,400. This is listed as a commercial office building in the city’s property records. (Corridor Mixed Use 5, 0.19 acres)

December 3, 2024

• A three bedroom house in the 2300 block of Tarleton Drive in the Greenbrier neighborhood sold for $565,000. That’s just above the 2025 assessment of $561,800 and the 2024 assessment of $5563,600. In 2020, the property was assessed at $396,900. (Residential-B, 0.291 acres)

December 4, 2024

• A three bedroom house at the top of the hill on Crestmont Avenue in the Fry’s Spring neighborhood sold for $395,000. That’s 18.42 percent below the 2025 assessment of $484,200. The assessed value of the property for this property has increased $147,500 since 2020. (Residential-A, 0.138 acres)

December 5, 2024

• A three bedroom house in the 300 block of 11th Street NE in the Little High section of Martha Jefferson neighborhood sold for $554,000. This one is a little hard to compare to previous years because the house used to be part of a larger property. See details from June 13, 2024 if you want to know more. On that day, a couple paid $900,000 for the house and a lot next door. The couple has retained the lot and sold the house. The transaction is 2.03 percent above the 2025 assessment of $543,000 and 26.48 percent above the 2024 assessment of $438,000. (Residential-A, 0.1722 acres)
• A three bedroom house in the 400 block of Altamont Street and a vacant lot in the North Downtown neighborhood sold for $590,000. That’s 5.55 percent below the combined 2025 assessment of $624,700 and 5.56 percent above the 2024 assessment of $558,900. The assessed valued for both properties has increased by $175,600 since 2020. (Residential-A, 0.206 acres)
• KDS Rentals now owns a three bedroom house built in 1946 on Summit Street in the Jefferson Park Avenue neighborhood. They paid $447,500 for the property which is 2.9 percent above the 2025 assessment of $434,900 and 16.38 percent above the 2024 assessment of $384,500. In 2020, the assessment was $282,800. (Residential Mixed Use 3, 0.142 acres)
• The University of Virginia paid the University of Virginia Foundation $1,782,500 for 2033 Ivy Road which appears to be where the Karsh Institute of Democracy is under construction. The Foundation bought the property on May 25, 2018 for $1.725 million. The land is assessed in 2025 at $2,169,800 making the transaction -17.85 percent below the sales price, but this is somewhat irrelevant now that the land will be off the city’s tax rolls. This property would otherwise have been responsible for $21,264.04 in real property taxes. The first transaction listed in the city’s GIS is from October 13, 1976, when Central Fidelity Bank purchased the property for $175,000. (Corridor Mixed Use 8, 0.66 acres)

December 6, 2024

• A three bedroom house in the 200 block of Camellia Drive in the Fry’s Spring neighborhood sold for $528,000. That’s 10.65 percent above the 2025 assessment of $477,200 and 41.18 percent above the 2024 assessment of $374,000. The 2020 assessment was $285,000. (Residential-A, 0.18 acres)
• A three bedroom house built in 1976 on St. Charles Avenue in the North Downtown neighborhood sold for $260,000. The new owner is Farooqui Remodeling LLC of Staunton. The sales price is 29.02 percent below the 2025 assessment of $366,300. In 2020 the assessment was $178,000. (Residential-A, 0.19 acres)

• The Mount Zion First African Baptist Church has purchased 111 Lankford Avenue which contains a house listed as having six bedrooms. The property is adjacent to the church’s main site. The sales price is 13.8 percent above the 2025 assessment of $417,200. Since 2020, the assessment has increased by $168,400. (Residential-A, 0.498 acres)

December 9, 2024

• A three bedroom house in the 2200 block of Greenbrier Drive in the Greenbrier neighborhood sold for $469,000. This is one property that declined in assessment from 2024 ($472,600) to 2025 ($458,900). The 2020 assessment was $352,500. (Residential-B, 0,37 acres)
• In a transaction in which no money traded hands, the Jefferson Scholars Foundation acquired the title to the apartment complex at 108 Clarke Court. This property declined in value from 2020 to 2025 to the tune of $290,900. A demolition permit was issued in December 2021 and an application was filed for a boundary line adjustment to consolidate the property with the one that contains the headquarters for the Jefferson Scholars Foundation. In November 2021, the foundation purchased land across Maury Avenue to prevent 64 apartment units from being developed there. (Residential Mixed Use 3, 0.596 acres)

December 11, 2024

• A 2,948 square foot condominium in the Randolph building at 210 10th Street NE sold for $1.75 million. That’s 3.61 percent above the 2025 assessment of $1,689,100 and 9.95 percent above the 2024 assessment of $1,591,600. The assessment in 2020 was just over $1.4 million. (Corridor Mixed Use 5, N/A)

December 12, 2024

• The former home of the Charlottesville Regional Chamber of Commerce at 415 East Market has sold for $800,000. That’s 2.5 percent below the 2025 assessment of $820,500 and 9.65 percent below the 2024 assessment of $885,400. The property was assessed at $714,400 in 2020. (Downtown Mixed Use, 0.03 acres)
• Aspiring Development LLC has purchased 1005 Cherry Avenue for $310,000. That’s 10.22 percent below the 2025 assessment of $345,300. The assessment in 2020 was $281,500. (Residential-B, 0.165 acres).
• A four bedroom townhouse on Brookwood Drive in the Ridge Street neighborhood sold for $533,000. That’s 7.07 percent above the 2025 assessment of $497,800 and 48.3 percent above the 2020 assessment of $359,400. (Residential-C, 0.089 acres)

December 13, 2024

• A three bedroom house built in 1961 in the 2700 block of McElroy Drive in the Fry’s Spring neighborhood sold for $507,000. That’s 0.32 percent above the 2025 assessment of $505,400. That’s 44.53 percent above the 2020 assessment of $350,800. The annual tax payment has increased from $3,332.60 in 2020 to $4,952.92 in 2025. (Residential-A, 0.27 acres)
• A three bedroom house on Elm Street in the Fifeville neighborhood sold for $370,000. That’s 1.82 percent above the 2025 assessment and 68.8 percent above the 2020 assessment of $219,200. The annual tax payment has increased from $2,082.40 to $3,561.32. (Residential Neighborhood-A, 0.203 acres)
• A three bedroom house in the 1700 block of Jefferson Park Avenue in the neighborhood of the same name sold for $1,399,000. That’s 12.79 percent above the 2025 assessment of $1,240,400 and 78.13 percent above the 2020 assessment of $785,400. The tax payment this year is $12,155.92 which is nearly $4700 over the 2020 payment. (Commercial Mixed Use 5, 0.28 acres)
• A three bedroom house in the 1400 block of Westwood Road built in 1981 in the Barracks / Rugby Avenue sold for $475,000. That’s 10.98 percent above the 2025 assessment of $428,000 and 77.37 percent above the 2020 assessment of $267,800. The tax payment increased from $2,544.10 in 2020 to $4,194.40 in 2025. (Residential-B, 0.14 acres)

December 16, 2024

• 1301 King Street sold twice on this day. The first time was to Twin Creeks Capital LLC for $255,000. The second time was to First Chair Investments LLC for $280,500. The latter is 32.98 percent below the 2025 assessment of $380,500. The 2020 assessment is $241,700. (Residential Neighborhood A, 0.165 acres)
• 628 North Avenue LLC is the new owner of 628 North Avenue. This is a three bedroom house built in 1955. The sale price is $291,000, which is 17.63 percent below the 2025 assessment of $353,300 and 27.35 percent above the 2020 assessment of $228,500. The tax payment increased from $2,170.75 in 2020 to $3,462.34 in 2025. Two permits were filed with the Department of Neighborhood Development Services. One is for new plumbing and the other is to finish the basement. (Residential-A, 0.22 acres)

December 17, 2024

• A three bedroom house in the 600 block of Moseley Drive in the Fry’s Spring neighborhood sold for $492,500. That’s an 8.43 percent increase above the 2025 assessment of $454,200 and a 63.62 percent increase over the 2020 assessment of $301,000. The tax payment increased from $2,859.50 in 2020 to $4,451.16 in 2025. (Residential-A, 0.22 acres)
• A two bedroom house on Hemlock Lane built in 1946 in the Venable neighborhood sold for $290,000. That’s 14.88 percent below the 2025 assessment of $340,800 and 27.14 percent above the 2020 assessment of $228,100. The tax payment increased from $2,166.95 in 2020 to $3,338.96. (Residential Mixed Use 3, 0.17 acres)

December 18, 2024

• The University of Virginia Foundation purchased 2100 Ivy Road for $2,625,000, the site of a Wells Fargo bank. The purchase price is 22.66 percent above the 2025 assessment of $2.14 million and 67 percent above the 2020 assessment of $1,571,900. The 2025 tax payment of $20,972 is just over $6,000 more than in 2020. (Commercial Mixed Use 8, 0.47 acres)
• The Region 10 Community Services Board purchased the office building at 110 Avon Street for $7.8 million. That’s 0.22 percent above the 2025 assessment and 14.64 percent above the 2020 assessment of just over $6.8 million. In October, the Region 10 board asked for a zoning compliance letter. (Node Mixed Use 8, 2.26 acres)
• A four bedroom house in the 1600 block of Brandywine Drive sold for $690,000. That’s 3.89 percent below the 2025 assessment of $717,900 and 14.77 percent above the 2020 assessment of $601,200. The 2025 tax payment of $7,035.42 is a $1,324.02 increase over the 2020 tax payment. (Residential-A, 0.244 acres)
• The Inspira Financial Trust with a longer name purchased 1435 East High Street for $210,000. That’s 9.79 percent below the 2025 assessment of $232,800 and 37.08 percent above the 2020 assessment of $153,200. The structure is a two bedroom house built in 1948. The (Commercial Mixed Use 5, 0.11 acres)

December 19, 2024

• A three bedroom house built in 2019 on Morgan Court in the Fry’s Spring neighborhood sold for $600,000. That’s 9.39 percent above the 2025 assessment of $548,500 and 40.61 percent above the 2020 assessment of $426,700. The 2025 tax payment is $5,375.30 which is $1,321.65 higher than in 2020. (Residential-A, 0.097 acres)
• A 1,860 square foot condominium in the Randolph building on 10th Street NE sold for $963,450. That’s 3.08 percent below the 2025 assessment of $994,100 and 16.5 percent above the 2020 assessment of $827,000. The 2020 tax payment was $7,856.50 and that increased to $9.742.18 in 2025. (Commercial Mixed Use, N/A)
• Trinity Property Management of Rockingham, Virginia, purchased 432 Nicholson Street for $500,410. The structure is a three bedroom house built in 2020 as part of the Lochlyn Hill development in the Locust Grove neighborhood. The sales price is 26.58 percent below the 2025 assessment. (Residential-A, 0.08 acres)
• A three bedroom house built in 1961 on Dellmead Lane in the Meadows neighborhood sold for $404,790. That’s 3.58 percent below the 2025 assessment of $419,800 and 27.81 percent above the 2020 assessment of $296,000. The 2025 tax payment is $4,114.04 which is $1,302.04 above the 2020 assessment. (Residential-A, 0.36 acres)

December 20, 2024

• A two bedroom house in the 1000 block of 2nd Street SE in the Ridge Street neighborhood sold for $350,000. That’s 5.04 percent above the 2025 assessment of $333,200 and 9.61 percent above the 2020 assessment of $319,300. The tax payment in 2025 is $3,265.36 which is $232.01 higher than in 2020. (Residential-A, 0.09 acres)
• A three bedroom house in the 700 block of Shamrock Road in the Johnson Village neighborhood sold for $450,000. That’s 3.28 percent above the 2025 assessment of $435,700 and 59.29 percent above the 2020 assessment of $282,500. The 2025 tax payment of $4,269.86 is $1,586.11 above the 2020 tax payment. (Residential-A, 0.21 acres)
• A two bedroom house in the 900 block of St. Clair Avenue in the Locust Grove neighborhood sold for $450,000. That’s 0.36 percent above the 2025 assessment of $448,400 and 62.81 percent above the 2020 assessment of $276,400. The tax payment increased by $1,768.52 from 2020 to 2025 to a payment this year of $4,394.32. (Residential-A, 0.212 acres)

December 23, 2024

• A five bedroom house at 901 Belmont Avenue and an adjacent vacant lot sold for $1.325 million to a firm called Fontaine LLC. The previous owner was The Bridge Line. The sale price is 38.45 percent above the combined 2025 assessment of $957,000. (Residential-A, 0.26 acres)

December 27, 2024

• Neighborhood Investments-CV LLC purchased a 987 square foot two bedroom condominium for $225,000. That’s 3.52 percent below the 2025 assessment of $233,200 and 42.59 percent above the 2020 assessment of $157,800. This is in the complex known as the Corner Village. (Residential Mixed Use 5, N/A)
• The company also picked up six other units in the Corner Village for $1.35 million. That’s 3.52 percent below the combined 2025 assessment of $1,319,800 and 44.68 percent over the 2020 assessment of $933,100. (Residential Mixed Use 5, N/A)
• A four bedroom house on Lide Place in the city’s portion of the Willoughby neighborhood sold for $475,000. That’s 1.93 percent above the 2025 assessment of $466,000 and 40.04 percent above the 2020 assessment of $339,200. The tax payment increased from $3,222.40 in 2020 to $4,556.80 in 2025. (Residential-A, 0.137 acres)

December 30, 2024

• An entity called FC Phase 2 paid $3,935,600 for six properties associated with the second phase of the redevelopment of Friendship Court into Kindlewood. That is now under construction. (Commercial Mixed Use 8, N/A).